The Foundation of the U.S. Economy Appears to Be Breaking, and Wall Street Has Turned a Blind Eye

To begin with, the delinquency rate for commercial mortgage-backed securities (CMBS) hit an all-time high of 11.76% in October 2025, according to commercial real estate research and analytics firm Trepp. To put this figure into perspective, CMBS delinquencies have increased almost tenfold since 2023 and are now a whole percentage point higher than they were in the years following the financial crisis.To preface the following discussion, no data point or correlated event can guarantee what's to come for the ...